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Gold extends gains as USD gets sold

FXStreet (Mumbai) - Gold prices continue to rise, clocking another session high of USD 1157/Oz levels as the markets continue to ditch the US dollar heading into the weekend.

Hovers around USD 1155/Oz

The metal now trades around USD 1155/Oz levels. The buying interest in the metal has been on the rise since dovish Fed on September 17th, followed by a horrible non-farm payrolls number released last week.

The latest surge in demand appears to have been triggered by the dovish Fed and the resulting slide in the USD index; which has extended losses to trade below 95.00 handle. Ahead in the day, the US import price index figure could affect the metal, although a weekly gain looks like a done deal.

Gold Technical Levels

At USD 1154/Oz, the immediate resistance is seen at 1156.70 (Sept 24 high), followed by a major hurdle at 1169.99 (Aug 24 high) and 1200 levels. On the downside, a break below 100-DMA at 1143.25 would expose 1132.90 (Nov 2014 low) and 1121.50 (50-DMA).

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